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18 August, 13:51

What would a monthly payment be on a purchase of a $10,000 car at a 5.9% for 4 years?

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  1. 18 August, 13:53
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    The current monthly pay can be calculated as follows;

    A=p (1/r/100) ^n

    A=10000

    r=5.9/12=0.5%

    10000=p (1+0.5/100) ^ (4*12)

    10000=p (1.005) ^48

    p=10000 / (1.005) ^48

    p=7,871

    the monthly payment will be:

    7871/12

    =$655.92
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